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Tether, the world’s largest stablecoin issuer, is in early talks with investors to raise between $15 billion and $20 billion in exchange for about 3% stake, Bloomberg reported, citing two people familiar with the matter.
Tether’s U.S. CEO, Bo Hines, former White House #Crypto adviser, told Bloomberg that Tether has no plans to raise money. Representatives for Tether didn’t respond to comments.
That would imply a valuation of up to $500 billion, putting it in the same league as OpenAI and SpaceX. Cantor Fitzgerald, which manages Tether’s reserve assets, is acting as the lead adviser, Bloomberg said, adding details may change and eventual numbers could be significantly lower.
Tether issues USDT, which has $172 billion in market circulation. Circle, the second largest stablecoin issuer with $74 billion of outstanding USDC, currently has $33 billion in market value.
Earlier this month, Tether announced it will launch a U.S.-focused stablecoin, called USAT, by setting up a new company, which will count Anchorage Digital, the issuance partner of the new stablecoin, as a shareholder.
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Crypto Giant Tether Seeks $500 Billion Valuation in Major Raise
Tether Holdings SA, issuer of the world’s largest stablecoin, is in talks with investors to raise as much as $20 billion, a deal that could propel the crypto firm into the highest ranks of the world’s most valuable private companies.